[Table_Reportdate] 2026年01月26日 [table_invest] 超配 [证券分析师 Table_Authors] 杜永宏 S0630522040001 dyh@longone.com.cn 证券分析师 赖菲虹 S0630525050001 lfhong@longone.com.cn [table_stockTrend] -18% -9% 0% 9% 18% 27% 36% 24-06 24-09 24-12 25-03 申万行业指数:医药生物(0737) 沪深300 [相关研究 table_product] [Table_NewTitle 药品零售新政 ] 出台，赋能行业高质量发 ——医药生物行业周报（2026/01/19-2026/01/25） [table_main] 投资要点： ➢ 投资建议： ➢ 本周医药生物板块呈弱势震荡，前期热门股跌幅居前。商务部等九部门联合印发的 关于促进药品零售行业高质量发展的意见，从转型、支付、供应、整合四大维度构建行业 发展框架，推动行业从"单一卖药"向"健康服务"转型。政策明确鼓励兼并重组与横向并购， 叠加医保定点待遇与基层医疗机构平权、医保个 ...

Group 1 - The core activity involved a health public survey and health science promotion event organized by the community and a local hospital to enhance residents' health awareness and access to quality medical services [2][3] - The event took place on January 4, 2026, at 8:30 AM, in the Shangcheng Yaju community, providing free health services such as thyroid ultrasound checks, blood sugar testing, and blood pressure measurement [2] - Community volunteers assisted in organizing the event, ensuring residents were guided and supported throughout the process, particularly for the elderly who required additional help [2] Group 2 - Health science manuals were distributed to residents, covering topics such as traditional Chinese medicine and thyroid disease prevention, aimed at improving health protection awareness [3] - The initiative received positive feedback from residents, indicating a successful effort to bring medical resources closer to the community [3] - The community plans to continue offering various health services regularly, focusing on residents' health needs to contribute to building a healthy and harmonious community [3]

Core Viewpoint - The National Health Commission of China is implementing a series of policies aimed at improving healthcare accessibility, affordability, and convenience for the public by 2025, focusing on pediatric services, childcare support, and reducing medical costs [1]. Group 1: Pediatric Services - By 2025, all 4,845 secondary and tertiary public hospitals in China will provide pediatric services, addressing the structural gap in pediatric healthcare [2]. - The establishment of a national pediatric medical collaboration network aims to enhance the overall quality of pediatric services, especially during peak seasons for pediatric illnesses [2]. - Efforts to improve the pediatric workforce include incentive policies and training programs to address the shortage of pediatricians [2]. Group 2: Childcare Services - The average price of full-day childcare services has decreased by nearly 30%, alleviating the financial burden on families [3]. - By 2025, the number of childcare slots per thousand population is expected to reach 4.73, with over 890,000 new affordable childcare slots created, exceeding the initial target of 660,000 [3]. Group 3: Medical Cost Reduction - The initiative "No Need to Run for Blood Fee Reduction" has been fully implemented, allowing blood donors to manage fee reductions electronically, with over 20,000 cross-province applications processed [4]. - Starting from March 31, 2025, outpatient prepayment has been eliminated in public hospitals, and the prepayment amount for inpatient care has been reduced to the average personal payment level for the same disease, with an average reduction exceeding 20% [5]. - By November, approximately 9 billion yuan in outpatient prepayments had been refunded to about 14 million individual accounts [5]. Group 4: Service Accessibility - Psychological and sleep clinics have been established in 333 cities and 87 districts, with service volumes increasing by 17% and 39% respectively compared to the same period in 2024 [6]. - Over 200 mutual recognition projects for inspection and testing results have been implemented across all provinces, enhancing service accessibility [6]. - The National Health Commission has conducted 23 health knowledge dissemination events in 2025, aiming to improve public health literacy [6].

Group 1 - The chairman of Waterdrop Group (Hong Kong) Limited, Shen Peng, was appointed as the honorary president of the Hong Kong Shandong Youth Association during its fifth third council meeting held on August 5 [1] - Waterdrop Company, founded in 2016, aims to use internet technology to ensure that the general public has access to medical insurance, thereby safeguarding millions of families [1] - After 9 years of development, Waterdrop has become a leading insurance technology and healthcare platform in China, with various businesses including Waterdrop Crowdfunding, Waterdrop Insurance, Yifan Medicine, Waterdrop Finance, and Luhang Wuyou [1] Group 2 - Shen Peng has received widespread recognition for his contributions to the major illness assistance, insurance technology, and health services industries, earning multiple honors such as "Advanced Individual in Employment and Entrepreneurship Work in Beijing" and "Advanced Individual in Poverty Alleviation" [3] - He has been featured in prestigious lists such as Forbes' "30 Under 30 Asia" and Fortune's "40 Under 40 China" and has held various social positions including committee member of the All-China Federation of Industry and Commerce Youth Entrepreneur Committee [3]